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President Tinubu Throws Lifeline to Dangote Refinery with Landmark Proposal_

In a bold move to stabilize fuel prices and the Naira exchange rate, President Tinubu has extended a vital offer of support to the Dangote Refinery. The Federal Executive Council has accepted the President's proposal to sell crude oil to the refinery in Naira, providing a significant lifeline to the project.

The Dangote Refinery, which requires 15 shipments of crude oil annually, will benefit from NNPC's commitment to provide four of these cargoes. The refinery will receive 450,000 barrels of crude oil for local consumption, priced in Naira, with the exchange rate remaining constant throughout the transaction.

This landmark proposal is set to revolutionize the oil industry in Nigeria, reducing the country's reliance on imported refined fuel and saving billions of dollars in the process. Afreximbank and other Nigerian settlement banks will facilitate trade between Dangote and NNPC Limited, eliminating the need for international letters of credit and streamlining the process.

President Tinubu's intervention is a timely boost to the Dangote Refinery, which is poised to transform Nigeria's oil industry. The move demonstrates the government's commitment to supporting indigenous businesses and promoting economic growth. As the refinery begins to receive crude oil in Naira, Nigeria takes a significant step towards achieving energy self-sufficiency and reducing its dependence on foreign exchange.